Driving Convergence of Mass Transit and Banking Markets Using Contactless Smart Cards

Business Editors
     SINGAPORE--(BUSINESS WIRE)--July 21, 2008--The use of contactless smart cards in mass transit and banking applications has grown considerably over the past few years in the Asia Pacific region. Convergence between these two applications can bring greater benefits and efficiencies for issuers as well as consumers.
     New analysis from Frost & Sullivan(http://www.smartcards.frost.com), Strategic Assessment of the Asia Pacific Smart Card Mass Transit and Payment Markets, reveals that the time is ripe for issuers in both industries to consider working together with merchant outlets and retailers so that all parties can gain from a multi-application platform.
     â€œContactless smart card technology is able to provide this common platform and can be designed to create a balance between security and commercial application,” notes Frost & Sullivan Industry Analyst Michelle Foong. “The market in Asia Pacific is ready for this convergence in many countries, and some are already in the process of convergence to reap the benefits of multi-application.”
     However, readers and cards used within the mass transit and banking markets may not always be interoperable and based on common protocols. Their backend systems and infrastructure are often not linked, making interoperability a short-term restraint for the market.
     â€œRetailers and merchant outlets need to have a common platform of readers and terminals to accept cards from a variety of issuers, be it from transit agencies or financial institutions,” says Foong. “This has not happened in most cases and it will take some time before all the readers become interoperable.”
     In order to ensure convergence between the two industries, various parties such as transit agencies, financial institutions, merchants, and card issuers need to work together to create a healthy, efficient, and interoperable eco-system. The contactless smart card infrastructure should also be developed further for this to materialize.
     If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the strategic assessment of the Asia Pacific smart card mass transit and payment markets, then send an e-mail to Donna Jeremiah, Corporate Communications, at donna.jeremiah@frost.com, with your full name, company name, title, telephone number, company e-mail address, company website, city, state and country. Upon receipt of the above information, an overview will be sent to you by e-mail.
     Strategic Assessment of the Asia Pacific Smart Card Mass Transit and Payment Markets is part of the Smart Cards Growth Partnership Services Program, which also includes research services in the following markets: World Smart Card Markets, World Smart Card IC Market and World Contactless Smart Card market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
     Frost &Sullivan, the Growth Partnership Company, partners with clients to accelerate their growth. The company's TEAM Research, Growth Consulting and Growth Team Membership™ empower clients to create a growth-focused culture that generates, evaluates and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 30 offices on six continents. For more information about Frost & Sullivan’s Growth Partnerships, visithttp://www.frost.com.
     Strategic Assessment of the Asia Pacific Smart Card Mass Transit and Payment Markets
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    Frost &SullivanCorporate Communications – Southeast AsiaDonna Jeremiah, +603 6204 5832Fax: +603 6201 7402djeremiah@frost.comorCorporate Communications – North AmericaMireya Castilla, 210-247-3830Fax: 210-348-1003mireya.castilla@frost.comorCorporate Communications – EuropeJoanna Lewandowska, +48 22 390 41 46joanna.lewandowska@frost.comorCorporate Communications – South AsiaCaroline Lewis, +91.22.4001 3438Fax: +91.22.2832 4713caroline.lewis@frost.comorCorporate Communications – Middle EastNimisha Iyer, +91 22 4001 3404Fax: +91 22 2832 4713niyer@frost.comorCorporate Communications – ChinaAmelia Wong, +86 21 5407 5783 Ext 8669Mobile: +86 13621724823amelia.wong@frost.comorCorporate Communications – AfricaPatrick Cairns, +27 18 468 2315patrick.cairns@frost.comorCorporate Communications – Latin AmericaJosé María Jantus, + 54-11-4777- 9951Fax: + 54-11-4777-0071jose.jantus@frost.comhttp://www.frost.com
    State Keywords: California; TexasIndustry Keywords: Technology; Transport; Security; Public Transport; Professional Services; BankingSource: Frost & Sullivan